Medicare Supplement/ Medigap
- Medicare Supplement, also known as Medigap, is a type of health insurance policy that is designed to fill in the "gaps" in coverage that are left by Original Medicare (Parts A and B). Medicare Supplement plans are offered by private insurance companies and can help cover out-of-pocket costs such as deductibles, copayments, and coinsurance.
- There are ten standardized Medicare Supplement plans available, identified by letters A through N. Each plan offers a different set of benefits, with Plan A being the most basic and Plans F and G offering the most comprehensive coverage. However, as of January 1, 2020, Plan F is no longer available to newly eligible Medicare beneficiaries.
- Medicare Supplement plans generally do not cover services that are not covered by Original Medicare, such as dental, vision, or hearing care. Additionally, Medicare Supplement plans do not typically include prescription drug coverage, so beneficiaries may need to enroll in a separate Medicare Part D plan to obtain this coverage.
- To enroll in a Medicare Supplement plan, you must already be enrolled in Medicare Parts A and B. It's important to note that Medicare Supplement plans can be more expensive than Medicare Advantage plans, but they can also offer more comprehensive coverage and greater flexibility in terms of provider choice.
- Before enrolling in a Medicare Supplement plan, it's recommended that you carefully compare the benefits, costs, and network of providers to ensure that it meets your specific health care needs and budget.